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The Worldwide Small Modular Reactor Industry is Expected to Reach $11.3 Billion by 2026 - ResearchAndMarkets.com

·3-min read

DUBLIN, September 15, 2021--(BUSINESS WIRE)--The "Global Small Modular Reactor Market by Reactor (HWR, LWR, HTR, FNR, MSR), Deployment (Single, Multi), Connectivity (Grid, Off-grid), Location (Land, Marine), Application (Power Generation, Desalination, Process Heat), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The small modular reactor market is projected to reach USD 11.3 billion by 2026 from an estimated USD 9.7 billion in 2021, at a CAGR of 3.2% during the forecast period.

The off-grid segment, by connectivity, is expected to be the largest and the fastest growing market from 2021 to 2026

The off-grid SMR segment accounted for a larger market share in 2020. SMRs deployed for off-grid operations are not connected to a large-scale electricity grid. Most SMRs are designed for remote locations where it is not feasible to site larger nuclear power plants.

Off-grid SMRs located in remote communities, islands, and mining sites can be used for power generation and other non-electric applications.

Despite the high cost of electricity generation, deployment of SMRs is beneficial in remote regions, especially in Russia, owing to the higher cost of alternatives such as power grid extension and fossil fuel-fired generators.

The multi-module power plant, by deployment, is expected to be the fastest growing market from 2021 to 2026

The multi-module power plant segment is expected to be the fastest growing deployment segment during the forecast period, owing to the ease of financing additional modules. Multi-module SMR plants are easier to finance compared with large nuclear reactors, as SMRs require lower upfront investments for a unit, and additional capacity may be built over time.

The ability to add modules incrementally in multi-module SMRs provides economies of series production. This, in turn, could permit investors and operators to adjust to the changes in demand for electricity and budgetary constraints to reduce financial risks. These factors are expected to drive the demand for SMRs for deployment in multi-module power plants.

The power generation segment, by application, is expected to be the largest market from 2021 to 2026

Power generation is expected to dominate the global small modular reactor market between 2021 and 2026 as the power generated by SMRs is expected to be economical compared with other low-carbon alternatives and help reduce carbon emissions and meet new energy demands.

SMRs provide a stable and reliable baseload power supply, which makes them suitable for replacing and optimizing the use of retiring coal and other fossil fuel-fired power plants and replacing aging infrastructure. SMRs also have load following capabilities and can be integrated with renewable energies to provide flexible power, as these reactors can vary their output to meet the fluctuations in power produced using renewable energy.

Market Dynamics

Drivers

  • Reliability and flexibility of nuclear power

  • Low cost of SMRs due to modularization and factory construction

Restraints

  • Nuclear regulatory requirements for deployment of SMRs

Opportunities

  • Decarbonization of energy sector to meet net zero goals

  • Facilitating access to nuclear energy across diverse applications

  • Integration of small modular reactors with renewable energy

Challenges

  • Harmonizing different licensing approaches

  • Public attitude towards nuclear power and deployment of small modular reactors

  • Impact of COVID-19 on development of small modular reactors

Companies Mentioned

  • Afrikantov OKB Mechanical Engineering

  • Arc Clean Energy

  • China National Nuclear Corporation (CNNC)

  • Framatome

  • General Atomics

  • General Electric-Hitachi Nuclear Energy

  • Holtec International

  • Leadcold Reactors

  • Moltex Energy

  • Nuscale Power

  • Oklo

  • Rolls-Royce

  • SNC-Lavalin Group

  • Terrestrial Energy

  • Tokamak Energy

  • Toshiba Energy Systems & Solutions

  • U-Battery

  • Ultra Safe Nuclear

  • Westinghouse Electric

  • X-Energy

For more information about this report visit https://www.researchandmarkets.com/r/6pwhzb

View source version on businesswire.com: https://www.businesswire.com/news/home/20210915005625/en/

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